銆€銆€鐗瑰垾鎺ㄨ枽锛�鎴垮湴鐢�(ch菐n)浼拌▓甯骞寸湡椤�(2003-2012)鍖附

銆€銆€鍠伕椤�

銆€銆€1銆佷笅鍒楀爆浜庢埧鍦扮敘(ch菐n)闁嬬櫦(f膩)鐩存帴鎶曡硣鐨勬槸(銆€)銆�

銆€銆€A.璩艰卜鎴垮湴鐢�(ch菐n)闁嬬櫦(f膩)銆佹姇璩囦紒妤�(y猫)鐨勫偟鍒�銆佽偂绁�

銆€銆€B.璩艰卜鎴垮湴鐢�(ch菐n)鎶曡硣淇℃墭鍏徃(REITs)鐨勮偂浠�

銆€銆€C.璩艰卜鎴垮湴鐢�(ch菐n)鎶垫娂鏀寔璀夊埜(MBS)

銆€銆€D.璩艰卜涓€搴ф鍦ㄩ亱鐕熺殑楂樼埦澶悆鍫�

銆€銆€妯欐簴绛旀锛欴

銆€銆€2銆佹墍璎備綇鎴挎姷鎶兼敮鎸佽瓑鍒�锛屽氨鏄妸閲戣瀺姗熸(g貌u)鎵€鎸佹湁鐨�(銆€)鍌垫瑠杞�(zhu菐n)鍖栫偤鍙緵鎶曡硣鑰呮寔鏈夌殑浣忔埧鎶垫娂鏀寔璀夊埜锛屼互閬斿埌绫屾帾璩囬噾銆佸垎鏁ｆ埧鍦扮敘(ch菐n)閲戣瀺棰ㄩ毆绛夌洰鐨勩€�

銆€銆€A.鎴垮湴鐢�(ch菐n)浼佹キ(y猫)鍌靛埜

銆€銆€B.鍊嬩汉浣忔埧鎶垫娂璨告

銆€銆€C.鎴垮湴鐢�(ch菐n)浼佹キ(y猫)鎶垫娂璨告

銆€銆€D.閲戣瀺姗熸(g貌u)闀锋湡铻嶈硣

銆€銆€妯欐簴绛旀锛欱

銆€銆€3銆佹埧鍦扮敘(ch菐n)鎶曡硣鐨�(銆€)鐗归粸锛屾鏄疆妤�(y猫)鎶曡硣鑰呰兘澶犲蹇嶈純浣庢姇璩囨敹鐩婄巼鐨勫師鍥�銆�

銆€銆€A.鑳藉寰楀埌绋呮敹鏂归潰鐨勫ソ铏�

銆€銆€B.鏄撲簬鐛插緱閲戣瀺姗熸(g貌u)鐨勬敮鎸�

銆€銆€C.鑳芥姷娑堥€氳波鑶ㄨ劰鐨勫奖闊�

銆€銆€D.鎻愰珮鎶曡硣鑰呯殑璩囦俊绛夌礆

銆€銆€妯欐簴绛旀锛欳

銆€銆€4銆佹垜鍦嬪幓骞村皪鎴垮湴鐢�(ch菐n)鎶曡硣鐨勫畯瑙€瑾�(di脿o)鎺ф斂绛�,浣胯ū澶氭埧鍦扮敘(ch菐n)鎶曡硣鑰呭湪瀵︾従(xi脿n)鍏堕爯鏈熸敹鐩婄洰妯欐檪閬囧埌鍥伴洠銆傞€欎富瑕侀珨鐝�(xi脿n)浜嗘埧鍦扮敘(ch菐n)鎶曡硣棰ㄩ毆鐨�(銆€)銆�

銆€銆€A.鏀挎不棰ㄩ毆

銆€銆€B.鏀跨瓥棰ㄩ毆

銆€銆€C.鍒╃巼棰ㄩ毆

銆€銆€D.甯傚牬渚涙眰棰ㄩ毆

銆€銆€妯欐簴绛旀锛欱

銆€銆€5銆佹埧鍦扮敘(ch菐n)灞簬闈炶波骞ｆ€ц硣鐢�(ch菐n)锛岄姺鍞亷绋嬪京闆滐紝娴佸嫊鎬у緢宸�锛屽叾鎿佹湁鑰呭緢闆ｅ湪鐭檪鏈熷収(n猫i)灏囨埧鍦扮敘(ch菐n)鍏屾彌鎴愮従(xi脿n)閲戙€傞€欎富瑕侀珨鐝�(xi脿n)浜嗘埧鍦扮敘(ch菐n)鎶曡硣棰ㄩ毆鐨�(銆€)銆�

銆€銆€A.璁婄従(xi脿n)棰ㄩ毆

銆€銆€B.鏀跨瓥棰ㄩ毆

銆€銆€C.鍒╃巼棰ㄩ毆

銆€銆€D.甯傚牬渚涙眰棰ㄩ毆

銆€銆€妯欐簴绛旀锛欰

銆€銆€6銆佺敱浜庡缓绛戞妧琛撶殑鐧�(f膩)灞曞拰浜哄€戝皪寤虹瓚鍔熻兘瑕佹眰鐨勬彁楂樿€屽奖闊垮埌鐗╂キ(y猫)鐨勪娇鐢�锛屼娇鍚庝締鐨勭墿妤�(y猫)璩艰卜鑰呬笉寰椾笉鏀粯鏄傝泊鐨勬洿鏂版敼閫犺不鐢�锛岃€岄€欎簺鍦ㄥ垵濮嬭⿻浼颁腑鏄笉鍙兘鑰冩叜鍒扮殑銆傞€欎富瑕侀珨鐝�(xi脿n)浜嗘埧鍦扮敘(ch菐n)鎶曡硣棰ㄩ毆鐨�(銆€)銆�

銆€銆€A.鏀剁泭鐝�(xi脿n)閲戞祦棰ㄩ毆

銆€銆€B.鏈締缍�(j墨ng)鐕熻不鐢ㄩⅷ闅�

銆€銆€C.璩囨湰鍍瑰€奸ⅷ闅�

銆€銆€D.姣旇純棰ㄩ毆

銆€銆€妯欐簴绛旀锛欱

銆€銆€7銆佹煇鎶曡硣鍟嗘閫茶瀵瓧妯撶疆妤�(y猫)鎶曡硣銆傚叾鐩鏀剁泭鐜囩偤12%锛岀暥鍓嶆暣鍊嬪競鍫寸殑骞冲潎鏀剁泭鐜囩偤15%锛屽湅瀹跺偟鍒哥殑鏀剁泭鐜囩偤3.5%銆傛鏅�锛岃┎鍦板崁(q奴)瀵瓧妯撳競鍫寸浉灏嶆暣鍊嬫姇璩囧競鍫寸殑棰ㄩ毆鐩搁棞绯绘暩(sh霉)鏄�(銆€)?

銆€銆€A.0.57

銆€銆€B.0.74

銆€銆€C.0.80

銆€銆€D.1.04

銆€銆€妯欐簴绛旀锛欱

銆€銆€瑙ｆ瀽锛氱敱鍏紡鐭ワ細12%=3.5%+尾j(15%-3.5%)锛屾晠尾j=0.74

銆€銆€8銆�(銆€)鏄寚鎶曡硣瀹屾垚鍚庢墍鏀跺洖鐨勮硣閲戣垏鍒濆鎶曞叆鐨勮硣閲戠浉姣旓紝璩艰卜鍔涢檷浣庣郸鎶曡硣鑰呭付渚嗙殑棰ㄩ毆銆�

銆€銆€A.閫氳波鑶ㄨ劰棰ㄩ毆

銆€銆€B.甯傚牬渚涙眰棰ㄩ毆

銆€銆€C.璁婄従(xi脿n)棰ㄩ毆

銆€銆€D.鏀跨瓥棰ㄩ毆

銆€銆€妯欐簴绛旀锛欰

銆€銆€9銆佸柈涓€闋呯洰鐨勬姇璩囬ⅷ闅牀澶�锛岃嫢鎶婇€欏叐鍊嬫姇璩囬爡鐩祫鍚堣捣渚�锛屼究鍙互灏囧叐鑰呯殑棰ㄩ毆璁婂寲鐩镐簰鎶垫秷锛屽緸鑰屾妸绲勫悎棰ㄩ毆闄嶅埌鏈€浣�锛岃閬斿埌閫欏€嬬悊鎯虫晥鏋滅殑鍓嶆彁姊濅欢鏄悇鎶曡硣闋呯洰闁撴湁涓€鍊�(銆€)銆�

銆€銆€A.姝ｇ殑鍗�(xi茅)鏂瑰樊

銆€銆€B.璨犵殑鍗�(xi茅)鏂瑰樊

銆€銆€C.妯欐簴鍗�(xi茅)鏂瑰樊

銆€銆€D.绲曞皪鍗�(xi茅)鏂瑰樊

銆€銆€妯欐簴绛旀锛欱

銆€銆€10銆佸瀛楁〒缍�(j墨ng)鐕熻€呰垏鐢插叕鍙哥敖瀹氫簡20骞寸殑绉熻硟鍚堝悓锛岀閲戠偤400鍏�/m2•骞达紝鍓囧叾闈㈣嚚(銆€)銆�

銆€銆€A.甯傚牬渚涙眰棰ㄩ毆

銆€銆€B.鍛ㄦ湡棰ㄩ毆

銆€銆€C.璁婄従(xi脿n)棰ㄩ毆

銆€銆€D.閫氳波鑶ㄨ劰棰ㄩ毆

銆€銆€妯欐簴绛旀锛欴

銆€銆€瑙ｆ瀽锛氶€氳波鑶ㄨ劰棰ㄩ毆涔熺ū璩艰卜鍔涢ⅷ闅€傛槸鎸囨姇璩囧畬鎴愬悗鎵€鏀跺洖鐨勮硣閲戣垏鍒濆鎶曞叆鐨勮硣閲戠浉姣�锛岃臣璨峰姏闄嶄綆绲︽姇璩囪€呭付渚嗙殑棰ㄩ毆銆傜暥鏀剁泭鏄€氶亷鍏朵粬浜哄垎鏈熶粯娆剧殑鏂瑰紡鐛插緱鏅�锛屾姇璩囪€呭氨闈㈣嚚钁楁渶鍤撮噸鐨勮臣璨峰姏棰ㄩ毆銆備互鍥哄畾绉熼噾鏂瑰紡鍑虹鐗╂キ(y猫)鐨勭鏈熻秺闀凤紝鎶曡硣鑰呮墍鎵挎摂鐨勮臣璨峰姏棰ㄩ毆灏辫秺澶�銆�